Japan’s Biggest Bank officially confirms there’s an in-house digital currency on the way

A lot of firms are showing support for cryptocurrency recently. Newest in the list is Mitsubishi UFJ Financial Group’s bank, which is undoubtedly Japan’s largest bank has just announced that the bank will be launching its cryptocurrency this year 2019.

There has been a lot of speculation going on about this cryptocurrency named “coin” and when it’ll be launched. But Japan’s largest bank has finally confirmed the speculation this week by announcing that they intend to roll out the coin before the end of 2019.

MUFJ said that the development and launch of the coin was necessary in order to solve certain operational challenges facing the bank. MUFJ which happens to be the 4th largest bank in the world claims that the cost of printing, maintaining and transporting physical coins and cash note is becoming unsustainable in Japan’s cash depending economy, hence the need for electronic currency.

Sometime in February, the investment bank JP Morgan launched its own cryptocurrency called JP Coin which was said to be meant to help settle over $6 million client bills on a daily basis.

The “coin” project started around September 2018 when the organization ran a test using an employee-only store, and the test was successful. The management is convinced that the sheer weight of the company will persuade businesses to adopt the coin quickly.